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4 Jan 2017

SBI blocked services from transferring cash into e-wallets through netbanking

SBI blocked services from transferring cash into e-wallets through netbanking: Now it's a bad news for the user who transfer money from State Bank of India via netbanking.

The State Bank of India (SBI) has blocked its customers from transferring cash into e-wallets through netbanking. However, customers can top-up up the e-wallets via debit and credit cards.

Many people after demonetisation are using these E-wallets and cashless apps for making it happen.

SBI has taken this step of blocking the customers from making use of the service after demonetization has made the people make online transactions regular. Whatever may be the reasons behind the bank taking such decision, the value of the shares of SBI has been showing a downfall in the stock exchange and has been trading at a loss percentage.

SBI has its own app SBI Buddy which can be used to transfer funds. May be SBI is making its app to be known to everyone. This blockage of fund transfer may have some impact in the future. SBI has taken this step of blocking the customers from making use of the service after demonetization has made the people make online transactions regular.

Watch online video to understand easily

SBI shared in media that there may be some phishing attacks on the private servers of these E-wallets. Paytm, FreeCharge, Mobilkwik, Jio Money and Airtel Money are the apps which are being used after the demonetisation. So even SBI wants the traffic to its application for the transactions. That may be one of the reason for blockage of transactions.

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